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Bank Accounts, Sending Money Abroad, No Lending Accounts

Last checked: 2026-11-03

This article was translated by AI. If anything differs, the Korean original prevails. Read the Korean original

To get paid and send money, you need an account in your own name. Documents and steps differ a little by bank. Asking the bank first can save you time.

What you need to open an account

A mobile Alien Registration Card (모바일 외국인등록증) can be used at some banks since March 21, 2025. The list of banks can change, so please check.

Steps to open an account

If you have no document that proves your purpose, you can open a "limited account" (한도제한 계좌). The amount you can use per day is limited. According to an official announcement in May 2024, the limits are 3,000,000 won at the counter, and 1,000,000 won each for ATM and transfers. These may differ by bank. Later, you can apply to lift the limit by submitting a proof document.

  1. Go to the bank with your documents and talk to a staff member.
  2. Fill in the application and choose a PIN.
  3. Receive your bankbook or cash card and check the details.

Sending money abroad

Limits and required documents can change when the rules change. When you send your salary, you may be asked for a document that proves your income. Check with your bank or company before sending. Do not give your money to individuals or businesses whose registration cannot be confirmed.

  1. Choose a bank, or a small-amount overseas remittance provider (소액해외송금업자) whose registration is confirmed on FINE (파인), the website of the Financial Supervisory Service (금융감독원).
  2. Look up the company name in the registration list on FINE. If it is marked "폐지" (closed), do not use it.
  3. Compare the fee, the exchange rate, and the amount the receiver gets first.
  4. Check the receiver's name and account again, and keep the receipt.

Never hand over your bankbook

Giving your bankbook, cash card, PIN or similar items to someone else, or lending them for money, is a crime. So is lending them or giving account information while knowing they will be used for a crime. You can be punished with up to 5 years in prison or a fine of up to 30,000,000 won.

Do not sell your bankbook before you leave Korea. Also refuse requests like "I will pay you, so send me your card" or "let me use your account for a moment." Apart from the punishment, your financial transactions can be restricted for a long time.

If you were tricked and have already handed it over, do not hide it. Tell your bank and the Financial Supervisory Service right away. If you are worried you became a crime victim, report it to the police.

Where to ask

For accounts and remittance, ask your bank first. For registered providers and financial damage, contact the Financial Supervisory Service.

Please check

Do not hand over your bankbook, card or PIN because someone promises you money. If they are used in a crime, you can be punished too.

Ask by phone

Financial Supervisory Service (금융감독원)1332
Police112

Official sources

This is general information. Your situation may differ, so please confirm with the official agency. Report a mistake

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